Monochrome revises filing for spot Bitcoin ETF on Aussie stock exchange – Crypto News

Australian-based crypto investment firm Monochrome Asset Management has updated its application to offer a spot Bitcoin (BTC) exchange-traded fund (ETF) on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.

The ETF — Monochrome Bitcoin ETF (IBTC) will be able to offer retail Australian investors direct exposure to Bitcoin (BTC) and Ethereum (ETH), accordingly to the firm’s July 14 announcement.

Australia joins the #Bitcoin racing.#spot #bitcoinnetf @MonochromeAsset https://t.co/hqXb9RY5HL pic.twitter.com/KEEXHQ9Eo6

— Jeff (@jeffyew_) July 13, 2023

Speaking to Cointelegraph, Monochrome CEO Jeff Yew explained that by obtaining a license, Australian retail investors will be exposed to Bitcoin within a formidable regulatory landscape:

“Through a Bitcoin ETF it makes it possible for them to buy and use the asset class in however they see fit with the investment choices. [and] in a regulated manner, and also operating within the regular regulatory perimeter.”

“So that is the benefit I guess compared to say unregulated exchanges where there’s no investor protection,” he added.

Yew believes that if a Bitcoin ETF goes live on the ASX, it will send a “clear signal” to traditional investors that the “unregulated Wild West is coming to an end” because their investments will be backed by a “familiar,” “structured” and “protected environment.”

Vasco, its “Responsible Entity Partner” is authorized under the Australian Financial Services License to offer retail investors regulated exposure to the cryptocurrency market, the firm stated.

Related: Bitcoin ETF is the needed ‘seal of approval’ for BTC — Mike Novogratz

Spot Bitcoin ETF Applications have been a focus point for the industry lately, particularly in the United States. In recent weeks, the industry has seen spot Bitcoin ETF filings from major financial firms including Fidelity, Invesco, Wisdom Tree and Valkyrie the $10 trillion asset management firm black rock,

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